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  • 8/13/2019 8 a Novel Approach for Greater Added Value and Improved Returns

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    LCOUPGRADING

    ANOVEL APPROACH FOR GREATER ADDED VALUE

    AND IMPROVED RETURNS

    Vasant P. Thakkar, Suheil F. Abdo, Visnja A. Gembicki, James F. Mc Gehee, and Bart DziabalaUOP LLC, a Honeywell Company

    Des Plaines, Illinois, USA

    INTRODUCTION

    LCOIN THE CLEAN FUELS REFINERY

    As refiners plan to meet regulations for clean fuels, one of the many considerations they face is

    the disposition of light cycle oil (LCO). It is a poor diesel fuel blending component due to its

    poor engine ignition performance and its high sulfur. Beyond middle distillate blending, LCO

    has also historically been used as a blend-stock into heavy fuel oil for viscosity adjustment. This

    opportunity is also becoming constrained by declining demand for heavy fuel oil. In the overall

    context of a high conversion, clean-fuels refinery, light cycle oil is an issue, both in terms of

    product blending and product-value maximization. In addition to the use of conventional

    hydrotreating, high pressure hydrocracking units have historically been used to crack LCO into

    naphtha and lighter products. These units are relatively high in capital cost, consume large

    quantities of hydrogen, and the naphtha product requires reforming before blending to gasoline.

    This paper will address an alternative LCO processing solution to the growing demand for clean

    fuels and product slate flexibility with much lower capital investment.

    2008 UOP LLC. All rights reserved.

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    UOPLCOUNICRACKING PROCESS TECHNOLOGYTM

    UOP recently introduced and commercialized the UOP LCO Unicracking process. The

    technology solves the problem of LCO disposition by economically converting it to ULSD and

    high octane gasoline suitable for direct blending without need for further reforming. UOPs

    recently introduced UOP HC 190 catalyst, coupled with process innovations, enables an LCOUnicracking unit to operate at much lower pressure relative to conventional hydrocracking unit.

    The key feature of the technology is selective hydrogen addition, focusing on desulfurization and

    hydrogen addition to the diesel product, while minimizing naphtha aromatic saturation. The low

    pressure flow scheme, coupled with efficient hydrogen utilization, provides superior economics

    compared to a conventional hydrotreating solution.

    WORLD WIDE REFINING TRENDS

    World oil demand is projected to continue increasing, at a rate of about 1.8% per year, with

    increased growth of transportation fuels and a decrease in fuel oil. Worldwide the diesel demand

    now exceeds that of gasoline, with the ratio of diesel to gasoline exceeding 1.0 in some areas,

    such as Europe. In the US most of the 400,000 barrel annual increase in crude consumption will

    be used for transportation fuels, with gasoline representing about 45% of the total petroleum

    consumption.

    Coupled with this demand pattern is the changing regulatory picture for transportation fuels. By

    2006, the US on-road diesel pool specification will be set at a maximum of 15 ppm sulfur and

    minimum 40 cetane number (or maximum aromatics level of 35%), with gasoline sulfur

    specified at a maximum of 30 ppm, and total aromatics at maximum 35%. The gasoline benzene

    specification for 2011 is set for the maximum average gasoline pool level of 0.62 lv-%. Beyond2006, there are pending regulations calling for a gradual merging and harmonization of sulfur

    specifications for on road and off road diesel. This second wave of regulations is expected to be

    complete by the end of decade.

    How will these trends affect LCO as a distillate pool component? LCO comprises about 15% of

    the total US distillate pool, and by 2006, it will mainly be suitable as a blend component for

    lower quality distillate products including off-road diesels, heating oil and marine fuels, or as a

    cutter stock for heavy fuel oils. It will become increasingly difficult to blend LCO as the

    specifications for the on-road and off-road diesel pools are harmonized to the same ultra low

    sulfur levels.

    CHARACTERIZATION OF LCO

    The total worldwide installed FCC capacity is approximately 14 million BPSD, with an overall

    production of about 3 million BPSD of LCO. The majority of FCC capacity is in North America,

    followed by Europe and Asia. Operating severity varies depending upon the market. For

    example, North American refiners operate their FCC units at high severity to maximize gasoline

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    production with LCO yield of less than 20%, whereas European refiners operate a lower severity

    for greater LCO production.

    Cracked products such as LCO and coker distillates have a considerably lower cetane value

    compared to straight run distillates derived from most of the worlds crude sources. LCO cetane

    ranges from 15-25, compared to 40-60 for the straight run distillates produced from the same

    crude.

    The sulfur content in average light cycle oils can range from 0.2 to 2.5 wt-%. A detailed sulfur

    speciation of LCO shows that a significant portion of the sulfur is found in

    alkyldibenzothiophenes (DBT), which are relatively difficult to desulfurize by hydrotreating. The

    aromatics content of LCO from FCC units in a normal gasoline-oriented operation can be as high

    as 80 wt-%. The organic nitrogen is almost entirely composed of non-basic aromatic compounds,

    such as carbazoles, with a concentration range of 100-750 ppm. The components of LCO boil in

    the diesel range with a 95% point of 360C or higher, representing thermally stable crackedhydrocarbons that are not further reacted in the FCC process. Over 70% of the aromatic

    hydrocarbons present in LCO have two rings, while the remainder is typically evenly split

    between single ring and 3-plus ring aromatics. Two and 3+ ring aromatics combust poorly in the

    diesel engine. They have very low cetane values and are the root cause of the low blending

    quality of LCO.

    It is necessary to saturate and open the di-aromatic rings to increase the fuel value of products from

    LCO upgrading. These reactions are a fundamental pathway in hydrocracking reaction chemistry

    and thus this process is ideal for converting LCO to a higher quality diesel product. Single ring

    aromatics boiling in the gasoline range are excellent high octane components in the gasoline pool.Aromatic ring manipulation is the key to producing higher value gasoline and diesel.

    OPTIONS FOR UPGRADING LCO

    As discussed earlier, pending diesel sulfur specifications effectively eliminate the option to

    directly blend the LCO into the on-road diesel pool. Further, harmonization of on-road and off-

    road diesel specifications will mean that blending LCO into off-road diesel will also no longer be

    possible. Blending raw LCO into the fuel oil and heating oil pool will remain an option but those

    products will experience market demand shrinkage in the future. Thus, cost-effective upgrading

    of LCO is becoming increasingly important.

    The two main processes for upgrading LCO are hydrotreating and hydrocracking. UOP licenses

    the UOP Unionfining process and the UOP Unicracking process, respectively, for these

    applications.

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    UNIONFINING PROCESS

    Table 1 shows an inspection of a typical LCO sample containing 0.7 wt-% sulfur. Approximately

    300 ppm of the sulfur is contained in molecules that are very difficult to desulfurize by

    hydrotreating. As a result, hydrotreating LCO to improve its diesel pool blending characteristics

    is a challenge not only from the standpoint of its high aromatics content but also due to thenature of its sulfur species. Hydrotreating LCO to reduce its sulfur content to an ultra-low level

    requires high severity operation. However, high pressure hydrotreating results in over saturation

    of aromatics and inefficient use of hydrogen for only a modest cetane improvement. Some tri-

    and higher ring aromatics are converted to lower aromatics but the total aromatic content of the

    LCO still remains high and relatively little cetane improvement is realized. Figures 1 and 2 show

    that even at low pressure there is significant conversion of polyaromatics to monoaromatics and

    most of the cetane boost is accomplished at low hydrotreating pressures. As pressure is increased

    to promote deep desulfurization, little further increase in cetane takes place.

    Another important aspect of LCO upgrading is that in the absence of significant conversion ofaromatics through cracking reactions, the saturation reactions proceed only to their equilibrium

    limit. A typical temperature and pressure range of most hydrotreaters places a ceiling on how far

    the cetane index of the LCO can be improved via simple partial saturation of aromatic rings.

    In summary, hydrotreating of LCO for deep sulfur removal requires relatively high pressure and

    hydrogen consumption, yet achieves only limited improvement in cetane number, total

    aromatics, and density.

    Table 1

    Sulfur Speciation of Typical LCO

    API 15.4

    IBP EP, F 410-680

    Cetane Index 23.1

    Total Sulfur, wt-% 0.7

    4,6 dimethyldibenzothiophene, ppm 56

    4-methyldibenzothiopene, ppm 231

    Other sulfur species, ppm 702

    Total Nitrogen, ppm 257

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    Figure 1

    Hydrogenation of Aromatics

    as a Function of Pressure

    Figure 2

    Cetane Number as a Function

    of Pressure

    0

    20

    40

    60

    80

    100

    Feed 500 800 1000 1500Pressure, psig

    Aromatics,wt-%

    Poly Aromatic

    2-Ring Aromatic1-Ring Aromatic

    0

    5

    10

    15

    20

    25

    30

    Feed 500 800 1000 1500Pressure, psig

    CetaneNumber

    Sulfur at 10 ppm

    FULL CONVERSION UNICRACKING PROCESS

    As an alternative to conventional hydrotreating, the hydroprocessing severity can be expanded to

    include hydrocracking reactions. The process goal in this case is to saturate and open the

    multi ring aromatic compounds to increase the blending value of products. These reactions are a

    fundamental part of hydrocracking reaction chemistry, and full conversion hydrocracking of

    LCO to naphtha is a well established commercial process. However, unlike the high octane

    gasoline made in the LCO Unicracking process, the gasoline boiling-range product from full

    conversion hydrocracking is a highly naphthenic, low octane naphtha that must be reformed to

    produce the octane required for product blending, incurring additional operating expense.

    LCOUNICRACKING PROCESS TECHNOLOGY FROM UOP

    UOPs recently commercialized LCO Unicracking technology enables substantially reduced

    capital and operating costs while producing gasoline and diesel streams for direct ULSD and

    ULSG pool blending. It is highly selective in controlling the hydrocracking reactions in a partial

    conversion operating mode to achieve good hydrogenation of the diesel fraction, whilepreserving aromatics in the gasoline range product. Depending on a refiners product needs and

    product quality targets, aromatic ring manipulation is the key to producing high-value gasoline

    and diesel from LCO. In order to accomplish these parallel objectives, UOP has combined

    process innovations with HC 190 catalyst, a high-activity catalyst for effectively upgrading LCO

    in a partial conversion hydrocracking process configuration.

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    HC190CATALYST

    HC 190 catalyst was shown to be well suited to accomplish the desired chemistry for partial

    conversion LCO hydrocracking. It is designed to provide significantly higher activity than the

    current naphtha hydrocracking catalysts. For example, its performance on a cracked stock blend,

    containing light cycle oil, shows about 15

    o

    F higher activity and higher naphtha yield atequivalent hydrogen consumption compared to current commercial catalysts. It has demonstrated

    superior performance in pilot plant tests for partial conversion of LCO by maximizing retention

    of single ring aromatics, thus producing a higher octane naphtha product. It also produces diesel

    with very low sulfur levels.

    LCOUNICRACKING PROCESS

    The LCO Unicracking process uses partial conversion hydrocracking to produce high quality

    gasoline and diesel stocks in a simple once-through flow scheme. The basic scheme is shown in

    Figure 3.

    Figure 3

    LCO Unicracking Process

    Off Gas

    RG

    Compressor

    ULSGGasoline

    Fractionation

    ULSDDiesel

    LPG

    LCOFeed

    HTHT

    HCHC

    LPS

    MUGas

    HPS

    The feedstock is processed over a pretreatment catalyst and then hydrocracked in the same stage.The products are subsequently separated without the need for liquid recycle. The advantage of

    the LCO Unicracking process is that it can be designed for lower pressure operation. The

    pressure requirement will be somewhat higher than high severity hydrotreating but significantly

    lower than a conventional partial conversion and full conversion hydrocracking unit design. The

    upgraded middle distillate product makes a suitable ultra-low sulfur diesel (ULSD) blending

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    component. The naphtha product from low-pressure hydrocracking of LCO has ultra-low sulfur

    and high octane and can be directly blended into the ultra-low sulfur gasoline (ULSG) pool.

    Thus, the LCO Unicracking process offers excellent flexibility to increase the value of LCO by

    upgrading its products to ULSG and ULSD blending targets.

    ANALYTICAL TECHNIQUES

    Recent advances in hydrocarbon analysis have made it possible to speciate distillate fuels at the

    molecular level. UOP has developed a technique, which uses comprehensive gas

    chromatography, also called GCxGC, that enables resolution of hydrocarbon species in a three-

    dimensional map. One axis distinguishes by boiling point, the second axis distinguishes by

    polarity, and the vertical axis measures the relative concentration (Figures 4 and 5). This type of

    graphical representation significantly enhances the understanding of complex hydrocarbon

    mixtures like LCO. Advanced procedures to analyze and interpret this data are being developed

    at UOP and have been crucial in understanding the fundamental chemistry and pathwaysassociated with different catalysts and reaction conditions. It will allow more precise feedstock

    characterization and facilitate better understanding and control of the desired molecular

    transformations

    Figure 4

    Comprehensive GC Speciation of LCO

    2-ringaromatics

    2-ringaromatics

    xyl

    xyl

    tol

    tol

    ebebbzbzC9

    1-ringa

    roma

    tics

    C91-rin

    garoma

    tics

    C101-ring

    aromati

    cs

    C101-ring

    aromati

    cs

    indenesindenes

    Higher C# 1-ring aromaticsHigher C# 1-ring aromatics

    non-polar paraffins, naphthenes and olefinsnon-polar paraffins, naphthenes and olefins

    nC13nC13 nC17nC17nC15nC15 nC19nC19

    3-ringaromatics

    3-ringaromatics

    Feed

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    Figure 5

    Comprehensive GC Speciation of Hydrocracked LCO

    toltol xylxylebebbzbzC9

    1-ring

    arom

    atics

    C91-rin

    garoma

    tics

    C101-ring

    arom

    aticsC101-ring

    arom

    atics

    indenesindenes

    Higher C# 1-ring aromaticsHigher C# 1-ring aromatics

    nC13nC13 nC15nC15 nC17nC17 nC19nC19

    3-ringaromatics

    3-ringaromatics

    2-ringaromatics

    2-ringaromatics

    non-polar paraffins, naphthenes and olefinsnon-polar paraffins, naphthenes and olefins

    Product

    PILOT PLANT EVALUATION

    In partial conversion hydrocracking of LCO, the severity must be optimized so that the naphtha

    product has high octane for direct blending to gasoline without the need for reforming. At the

    same time, the diesel product must be hydrogenated to produce a higher cetane, ultra-low sulfur

    blendstock. Finally, ring saturation and ring opening need to be highly selective to make efficient

    use of hydrogen. These objectives require unique catalyst chemistry and operating conditions to

    maximize the yields and qualities of the desired products.

    An example of a preferred reaction is shown for a typical two-ring aromatic hydrocarbon,

    1,3-dialkylnaphthalene, in Figure 6. The desired reactions shown in the figure are those to

    saturate and open one ring to yield a mixture of alkylaromatics in the naphtha boiling range.

    Pilot plant tests were conducted on representative commercial LCO feedstocks. The keyproperties of these feeds covered wide ranges of aromatic content and distribution, sulfur andnitrogen content and distillation characteristics. Their properties are listed in Table 2. The testswere all conducted in partial conversion hydrocracking mode at relatively mild conditions.

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    Figure 6

    Preferred Reaction Pathway

    Typical cracked product characteristics using HC 190 catalyst are listed in Table 2. It can be seen

    that the high activity and unique cracking characteristic of HC 190 catalyst enable good

    CH3

    X

    XDe

    sired:

    CH3

    H3C

    CH3

    H3C

    CH3

    R2

    Table 2

    LCO Unicracking Process Pilot Plant Evaluation

    R1

    R2

    CH3

    H3C

    CH3

    CH3

    (Crack

    ingof

    2nda

    nd3rdR

    ings)

    R1

    Undesired:

    (HydrogenationO

    nly)

    Feedstocks:

    Origin Commercially derived LCOs

    API Gravity 15.1 19.0

    Sulfur, ppm 2290 7350Nitrogen, ppm 255 605

    Aromatics, IP391, wt-%

    1 ring 12 21

    2 ring 40 55

    3+ rings 8 14

    Distillation, ASTM D-2887, F

    95% 660 710

    EP 725 790Cetane Index, ASTM D-4737 22 25

    Operating Mode: Partial Conversion

    Products:

    Light Naphtha Yield, wt-% 10.5 13.5Heavy Naphtha

    Yield, wt-% 35 37

    RONC 90 95

    Sulfur, ppm < 10

    Diesel

    Yield, wt-% 46 51

    Cetane Index Improvement +6 to +8

    Sulfur, ppm

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    aromatic retention in the gasoline range product as demonstrated by the high research octane

    number. The diesel range product contains less then 10 ppm sulfur and low aromatic content,

    well within ULSD fuel specification limits. Its cetane index ranges from 6 to 8 numbers higher

    than the LCO feed.

    Extended stability tests of more than six months of continuous operation at low pressure have

    confirmed excellent catalyst stability while maintaining the cracking conversion and product

    qualities. Stable yields of products were obtained over the entire period, with slight improvement

    observed in the gasoline octane with time on stream.

    REFINERY APPLICATIONS

    The potential impact of LCO Unicracking technology employed in a typical US refinery was

    examined by comparing it against the alternative of deep LCO desulfurization by high pressure

    hydrotreating.

    BLENDING OF TRANSPORTATION FUEL POOLS

    In order to assess the potential impact of upgrading these two options, a typical US

    coker/FCC-based refinery was considered. The refinery capacity was set at 300,000 BPSD of

    crude oil. The refinery and gasoline pools had the following products available for blending:

    Gasoline Pool

    Treated FCC gasoline

    Hydrotreated light straight run naphthaReformate

    Alkylate (to premium)

    Purchased MTBE (to meet oxygen specification for RFG)

    Butanes for RVP adjustment

    LCO Unicracking unit gasoline

    Diesel Pool

    Jet Fuel blending components

    KeroseneHydrotreated kerosene

    Ultra-low sulfur diesel components

    Hydrotreated kerosene

    Hydrotreated straight run diesel

    LCO Unicracking unit diesel or hydrotreated LCO (case study)

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    All process units were sized to be consistent with the design crude oil capacity, and assumed to

    operate at typical conditions for a US refinery. The new LCO Unicracking unit or the

    hydrotreating unit cases were sized at a 20,000 bpsd capacity. The gasoline and diesel pools were

    blended to meet the 2006 US quality regulations. In order to reflect the next wave of diesel

    regulations, the diesel pool blend was based on harmonized on-road and off-road diesel

    specifications, i.e. the entire pool must attain an ultra low sulfur level of 15 ppm or less.

    The estimated quantities and qualities of the blended gasoline and diesel products are detailed in

    Table 3. The results show that both solutions, i.e. the LCO Unicracking process or high pressure

    hydrotreating will enable production of acceptable ultra-low sulfur diesel which can be entirely

    blended into the diesel pool. Due to selective chemistry of the LCO Unicracking process

    however, this route produces 3-5 points higher cetane index than the hydrotreating route. Both

    routes produced a cetane index in excess of the 2006 specification. By employing the LCO

    Unicracking solution, the refiner will be better prepared for expected future upward changes in

    the cetane specifications. Additionally, LCO Unicracking process yields a high octane and ultralow sulfur gasoline, which can be blended directly into the gasoline pool without jeopardizing

    the pool specifications for octane, sulfur, or aromatics. The small amount of naphtha produced in

    the hydrotreating case is sent to a reformer prior to blending into the pool. Due to the high octane

    of the gasoline produced via the LCO Unicracking process, the overall refinery pool octane is not

    changed by direct blending of this product into the pool.

    The installation of an LCO Unicracking unit increased gasoline production by about 10% while

    decreasing the diesel production by 13% compared to the hydrotreating unit option. The addition

    of an LCO Unicracking unit has the benefit of varying diesel/gasoline slate to meet the refiners

    seasonal demand.

    Table 3

    Refinery Gasoline and Diesel Pool Yields and Qualities

    As a Function of the LCO Upgrading Option

    LCO Unicracking

    Type of LCO Upgrading Hydrotreating Process

    Gasoline pool:

    Volume, BPSD 134,616 148,242RONC / MONC 92.2/83.7 92.1/83.8Sulfur, ppm

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    ECONOMICS OF LCOUPGRADING OPTIONS

    The economics of LCO upgrading are a function of many factors, such as product pricing, and

    also the value assigned to LCO feedstock, which is in turn a function of its end-product

    disposition. The refiner has generally three options:

    Invest in a hydrotreating unit, which requires lower capital investment and operating cost,

    but results in inflexible product slate, i.e. mainly diesel product.

    Invest in an LCO Unicracking unit, which requires higher capital and operating cost than

    the hydrotreating unit. This solution enables a flexible yield of both ULSD and high

    octane gasoline, ready for the pool blending.

    In a special case where the refiner needs to add new unit capacity for straight run or coker

    distillate hydrotreating, in addition to investing in an LCO Unicracking unit, an integrated

    plant solution is a very attractive option. The synergy resulting from parallel reaction

    system for hydrocracking LCO and hydrotreating the other refinery distillate streams

    within the shared recycle gas system and common downstream separation, can provide as

    much as 30-40% capital savings compared to building two stand alone units.

    Furthermore, with this strategy a refiners ULSD project and capital investment can be

    consolidated into a single project versus multiple unit revamps.

    ECONOMIC PROJECTION CASE STUDY

    The following study compares the relative economics for upgrading light cycle oil using an LCO

    Unicracking process versus an LCO hydrotreating process. The scenario is that of a nominal300,000 bbl/d FCC-coker based US refinery. The refiner wishes to upgrade LCO to produce both

    ULSD and ULSG products. Prices for this study are based on market averages from early 2004

    period.(2,3)The value of LCO was derived from its alternate use as a fuel oil blending component.

    Additional hydrogen need was met with purchased hydrogen, while the estimated ISBL erected

    costs are based on US Gulf Coast construction for the 4th quarter of 2004.

    The purpose of the case study was to:

    Determine the investment payback on an LCO Unicracking unit designed to produce a

    flexible product slate of both ultra-low sulfur diesel and high octane gasoline

    blendstocks, and compare the economics to hydrotreating only.

    Determine the sensitivity of payback and net present value to the price differentials

    between the primary products, gasoline and ULSD, and to the differential between LCO

    and ULSD value.

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    PERFORMANCE AND ECONOMICS

    Table 4 summarizes economic projections for the addition of either a hydrotreating unit or an

    LCO Unicracking unit solution for LCO upgrading in the refinery study.

    Table 4

    Process Economics

    Type of LCO Upgrading Hydrotreating LCOUnicracking

    Unit Capacity, BPSD 20,000 20,000

    Yield, Lt and HvyNaphtha, wt-% 1.6 57

    Yield, ULSD, wt% 98.9 41.6Estimated ISBL InvestmentCost, $M 36.4 61.4

    10 yr NPV, $M (1) 203

    Simple Payout, yrs 6.5 2.1

    The LCO Unicracking project produces a very attractive positive 10 yr NPV of $203M and

    results in a simple payout of two years. LCO hydrotreating option has a negative NPV and a

    payout time of six years, i.e. it is a stay-in-business solution imposed by the regulatory

    requirements.

    The sensitivity analysis of the two solutions was done using two comparative parameters; price

    differential between ULSD and LCO, and a price differential between gasoline and ULSD. The

    results are depicted in Figures 7 and 8. It is shown that the LCO Unicracking solution retains the

    same advantage over the hydrotreating solution for a range of price differentials. As expected,

    the Unicracking solution advantage increases as the price differential between gasoline and

    diesel increases. It should be noted that this analysis is specific to market where gasoline is ahigher priced product, as for example, in the US. A somewhat different case study was described

    recently in another publication which was focused on the European refinery setting and market

    pricing (1).

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    Figure 8

    NPV Sensitivity to Gasoline-ULSDDifferential

    Figure 7

    NPV Sensitivity to ULSD-LCO

    Differential

    -100

    -50

    0

    50

    100

    150

    200

    250

    300 250

    CONCLUSIONS

    LCO is a distressed refinery stream with limited future disposition options without further

    significant upgrading. Refiners will have to consider investments in technology to upgrade the

    LCO to higher value transportation fuels as they prepare for clean fuels production and increased

    market demand in the future.

    In this paper we have outlined the benefits of our recently commercialized, LCO Unicracking

    process, ideally suited for production of ULSD and ULSG blendstocks from LCO at relatively

    mild conditions. The unique selectivity characteristics of the HC 190 catalyst are also an

    important enabler in this process. The LCO Unicracking process makes efficient use of

    hydrogen by employing advanced catalytic know-how to selectively increase the hydrogen

    content of the diesel range product while minimizing saturation of aromatics in the naphtha

    range.

    The process economics for a US based refinery have shown that the investment in an LCO

    Unicracking unit yields superior NPV and provides a good payout compared to a conventional

    hydrotreating solution.

    10YrNPV,

    $MM

    0 2 4 6

    Delta (ULSD-LCO) Price,

    $/BBl

    NPV(HT)

    NPV(HC)

    -50

    0

    50

    100

    150

    200

    Delta (Gasoline-ULSD) Price

    $/BBl

    10YrNPV,

    $MM

    NPV(HT)

    NPV(HC)

    0 2 4 6

    v

    Base Base

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    REFERENCES

    1. V. P. Thakkar, V.A. Gembicki, D. Kocher-Cowan, S. Simpson, LCO Unicracking

    Technology A Novel Approach for Greater Added Value and Improved Returns, ERTC,

    2004

    2. Crude Oil Prices, EIA petroleum marketing Monthly, www.eia.gov

    3. Product prices obtained from historical North American data of Platts, and CMAI,

    www.platts.com, and www.cmaiglobal.com

    UOP LLC25 East Algonquin RoadDes Plaines, IL 60017-5017 2005 UOP LLC. All rights reserved.

    UOP 4399B

    Page 15

    http://www.eia.gov/http://www.platts.com/http://www.platts.com/http://www.eia.gov/